Thursday, 24 January, 2019

With Approval from NY Regulators, Gemini Lists Zcash

Entrepeneurs Tyler and Cameron Winklevoss arrive at the Met Gala in New York With Approval from NY Regulators, Gemini Lists Zcash
Nellie Chapman | 15 May, 2018, 15:33

In addition to being approved to custody and trade Zcash, the NYDFS has confirmed to Forbes that Gemini will also receive approvals for Bitcoin Cash, with a total market value of $25 billion and Litecoin, valued at $8.2 billion, though details about when these currencies might go live remain sparse. In an online post, Gemini said that customers would be able to start depositing Zcash into their Gemini accounts from Saturday, May 19th at 9:30am EDT, and trading would begin on Tuesday, May 22nd at 9:30am EDT. Gemini will offer the ZEC/USD, ZEC/BTC, and the ZEC/ETH trading pairs upon launch. Following negative sentiment toward privacy-focused digital currencies in Japan, zcash's addition shows that these coins may not be treated as harshly as many expect.

According to an official release on the Zcash Foundation's website, ZEC underwent a pervasive vetting process by NYDFS before adding on Gemini.

Gemini CEO Cameron Winklevoss told Bloomberg in an interview said that privacy-focused cryptocurrencies like Zcash have struggled to gain large market valuations in the past due to concerns from investors towards potential crackdown by authorities, as seen in the Japanese cryptocurrency market as of recent.

According to a Reuters report, the ny state's Department of Financial Services has also approved Gemini's request to offer crypto custody services as well as Bitcoin Cash and Litecoin trading options in the future.

Over the past month, the Japanese government and the Financial Services Agency (FSA) have continued to restrict cryptocurrency exchanges from dealing with anonymous cryptocurrencies like Zcash and Monero to ensure trading platforms are not used by criminals to launder money.

NYDFS statement on @GeminiDotCom's authorization to list Zcash.

Just minutes after the DFS and Gemini announcements, the price of Zcash jumped from about $250 per coin to more than $300 per coin.

Later in the letter, Winklevoss explained that part of the appeal of Zcash is a privacy-protecting feature that allows counterparties to engage in trade without knowing anything about each other. Every transaction on the bitcoin blockchain is visible and broadcasted to the network. "Bitcoin has many strengths, but privacy is not one of them".

"We are working to support withdrawals to shielded addresses in the future".

Cameron also remarked on the regulatory approach to Zcash.

"Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology". That surge in volume has pushed the total market capitalization up over $1.4 billion which has pushed the altcoin above Lisk, Bitcoin Gold and the recently pumped Zilliqa.